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 & (1) & (2) & (3) \\
VARIABLES & FDl\_share5\_w & FDl\_share5\_w & FDl\_share5\_w \\ \hline
 &  &  &  \\
l\_va\_total\_FD & -0.507*** & -0.00592 & -0.508*** \\
 & (0.0184) & (0.0513) & (0.0184) \\
Constant & 0.0101*** & 0.00270 & 0.0101*** \\
 & (0.000968) & (0.00544) & (0.000969) \\
 &  &  &  \\
Observations & 2,064,251 & 395 & 2,063,856 \\
R-squared & 0.032 & 0.000 & 0.032 \\
Firm FE & No & No & No \\
Year FE & No & No & No \\
Cluster & Sector x Year & Sector x Year & Sector x Year \\
, & , & , & , \\
, & , & Filter & , \\
) &  &  &  \\
 Firms &  &  & Small$<$0.5 \\ \hline
\multicolumn{4}{c}{ FD} \\
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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